"I heard that Jason didn't want a giant stone since he wanted to concentrate on the quality and beauty of a platinum setting," jewelry expert Michael O'Connor told Us of the 3-carat diamond Neil Lane design. "The royal treatment of the ring continues all the way around the finger with platinum set diamonds throughout the entire ring. Only platinum will hold all of that diamond work securely and never fade or change color over time."

The estimated price tag for the 30-year-old's new bauble? A whopping $90,000!

"This is something they've both wanted for a long time," another insider tells Us of the couple's wedding plans. "It's a way to cement their family [with her sons Sean, 6, and Jayden, 5]. They're both extremely happy and can't wait to become man and wife."